Before Foreclosure

Though foreclosure is something no one wants to face, it helps to understand the foreclosure process in Florida—especially since much can be done before foreclosure to better your outcome.

Missing One Payment

The road to foreclosure starts when you miss one payment. If you want to avoid foreclosure altogether, it is important to update payments as soon as possible. You will incur a late fee due to your missed payment, so be sure to take this into account.

America’s Seniors More at Risk of Foreclosure

Although the past U.S. housing crisis left plenty of people struggling to keep their homes, none were as affected as the American senior population. A 2011 survey identified homeowners over 75 as having the highest foreclosure rate for people over 50. According to a report from the Consumer Financial Protection Bureau, the percentage of seniors with mortgage debt increased from 22 percent in 2001 to 30 percent a decade later. In that same time period, the rate more than doubled among those aged 75 and older, from 8.4 percent to a staggering 21.2 percent.

A Brief Outline of the Florida Foreclosure Process

Foreclosure is an all too familiar reality in the Sunshine State, with some 1.36 million properties facing repossession in 2013 alone. If you’re one of the many homeowners who may be facing foreclosure, you’re first reaction may be to panic. However, the best way to face this challenge is to arm yourself with knowledge. Below is a brief timeline of the foreclosure process in Florida: